It's been 50 years since Shelby had an official presence at an auto show, and the company made good use of its appearance at the 2011 Chicago Auto Show by debuting the convertible version of its Shelby GT350 Mustang.

This is the first convertible GT350 since 1970, and it will be part of a limited run of 2012 Shelby GT350s. Only 350 GT350s will built. Two new exterior paint colors--red and blue--are also new options for 2012.

Performance options carry over from 2011. The GT350 uses a stock Mustang GT as the donor chassis, and buyers can choose from a 430-horsepower naturally aspirated 5.0-liter V-8 or two supercharged 5.0-liter mills--one that makes 525 horsepower and one that makes 624 ponies. An automatic transmission is optional with the naturally aspirated unit. Other options include a short-throw shifter for the manual, a light bar, a one-piece drive shaft, and color-coordinated billet aluminum engine cap set.

The kits start at $26,995 for the naturally aspirated model and $33,995 for the supercharged unit. When added to the base car, that brings the price to between $60,000 and $90,000, depending on options.